Learn how consumer goods vary in price elasticity, with factors like substitute availability and brand influence affecting demand sensitivity.
Elasticity measures how sensitive customers are to price changes. If a small price increase causes a large drop in sales, demand is elastic. If sales barely change, demand is inelastic. Imagine you ...
The law of supply and demand explains how changes in a product's market price relate to its supply and demand. Demand for basic necessities is less responsive.
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